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Fluxo de capitais, diferencial de juros e o modelo de crescimento com restrição no balanço de pagamentos: uma perspectiva teórica [Capital flow, interest rate differential, and balance of payments constraint growth model: a theoretical perspective]

Author

Listed:
  • Marwil J. Dávila-Fernández

    (Università degli Studi di Siena)

Abstract

This paper aims to contribute to the debate on long-term economic growth, clarifying aspects of the balance of payments constraint growth models. We formalized a theoretical model in which foreign direct investment is distinguished from portfolio investment in determining the external constraint growth rate, so that part of the attraction of foreign capital results from the differential rates of domestic and foreign interest and a risk premium.

Suggested Citation

  • Marwil J. Dávila-Fernández, 2016. "Fluxo de capitais, diferencial de juros e o modelo de crescimento com restrição no balanço de pagamentos: uma perspectiva teórica [Capital flow, interest rate differential, and balance of payments con," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 26(1), pages 241-262, January-A.
    • Handle: RePEc:nov:artigo:v:26:y:2016:i:1:p:241-262
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    More about this item

    Keywords

    economic growth; balance of payments constraint; Thirlwall's Law;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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